WEBVTT 00:00:08.910 --> 00:00:13.349 Howdy everyone, Lanzer, this is Sandow Podcast 00:00:13.349 --> 00:00:19.010 Episode 66, a wrap -up of Foundation Company 00:00:19.010 --> 00:00:22.309 miniseries that we've been on. It's been quite 00:00:22.309 --> 00:00:26.769 a bit of little time since I've done an episode, 00:00:27.070 --> 00:00:31.129 mostly as I've holiday season, different things 00:00:31.129 --> 00:00:34.310 like that. Now I feel it's time to wrap up our 00:00:34.310 --> 00:00:36.789 miniseries after our last interview with the 00:00:36.789 --> 00:00:39.799 Foundation Director. And I've got myself a nice 00:00:39.799 --> 00:00:43.119 old red going on here. So this one's just going 00:00:43.119 --> 00:00:45.060 to be an easy laid back kind of like a summary 00:00:45.060 --> 00:00:50.840 version of all the episodes, which will be a 00:00:50.840 --> 00:00:52.500 summary of all the facts that we've come across 00:00:52.500 --> 00:00:54.939 and a little bit of Q &A if there is any. And 00:00:54.939 --> 00:00:59.100 if not, then we'll end the episode. Disclaimer. 00:00:59.719 --> 00:01:02.619 I do not represent the Sandbox Game or the Sandbox 00:01:02.619 --> 00:01:06.060 Foundation. I'm not your financial or legal advisor, 00:01:06.200 --> 00:01:08.420 and nothing I say should be taken as financial 00:01:08.420 --> 00:01:12.040 or legal advice. When I say the word SIP, I mean 00:01:12.040 --> 00:01:15.439 Sandbox Improvement Proposal. When I say the 00:01:15.439 --> 00:01:18.079 word DAO, I mean Decentralized Autonomous Organization. 00:01:18.120 --> 00:01:21.180 And when I say SanFam, I'm talking about the 00:01:21.180 --> 00:01:23.700 Sandbox community, those who participate in the 00:01:23.700 --> 00:01:26.719 people, product, and purpose of the Sandbox ecosystem. 00:01:29.920 --> 00:01:32.000 That ecosystem looks a little bit like this. 00:01:32.969 --> 00:01:34.989 In the people side, you have everything from 00:01:34.989 --> 00:01:37.769 gamers to sandbox team, product, you have everything 00:01:37.769 --> 00:01:40.790 from the game client to the DAO. Purpose is what 00:01:40.790 --> 00:01:43.590 was described in the white paper and expanded 00:01:43.590 --> 00:01:46.390 upon by the founders, Sebastian Bourget, Arthur 00:01:46.390 --> 00:01:50.769 Madrid, also Animoca Brands, Yatsu. That's what 00:01:50.769 --> 00:01:52.609 makes the ecosystem go round and round every 00:01:52.609 --> 00:01:57.909 day. Today's episode is on the DAO. I'm your 00:01:57.909 --> 00:02:01.109 host, Lancer. I've been a landowner. Sandbox 00:02:01.109 --> 00:02:03.849 gamer, experienced publisher for a few years 00:02:03.849 --> 00:02:07.450 now. I run the MetaWorlds team. And since our 00:02:07.450 --> 00:02:13.870 last episode, I got the privilege to win and 00:02:13.870 --> 00:02:17.509 deliver on SIP number 32 of the DAO, which was 00:02:17.509 --> 00:02:20.990 building the DAO Education Hub. Right now it's 00:02:20.990 --> 00:02:26.330 located in 2 -154 and owned by the Sandbox DAO 00:02:26.330 --> 00:02:30.379 account. And here you can see... We built kind 00:02:30.379 --> 00:02:33.139 of like an education hub where it teaches you 00:02:33.139 --> 00:02:34.900 about the DAO, all the different parts of the 00:02:34.900 --> 00:02:38.159 DAO, the structure, ecosystem, the SIP payments, 00:02:38.400 --> 00:02:42.379 the process itself, and many other things like 00:02:42.379 --> 00:02:46.699 that. And I had a blast building it with Dankoi 00:02:46.699 --> 00:02:51.000 and Creative Crawler Studio. They were awesome 00:02:51.000 --> 00:02:54.219 to work with, loved it. And if you want to find 00:02:54.219 --> 00:02:59.620 it, like I said, it's in 2154, right? uh to the 00:02:59.620 --> 00:03:03.560 top right of jurassic park we had it was a grand 00:03:03.560 --> 00:03:06.979 success when we tested it with i think over 61 00:03:06.979 --> 00:03:11.560 people live when we did the testers with the 00:03:11.560 --> 00:03:17.659 testing community with the streamers um and like 00:03:17.659 --> 00:03:21.780 panda kami and and the rest of the team and i 00:03:21.780 --> 00:03:24.319 loved it so it's available it's live and if you 00:03:24.319 --> 00:03:26.240 want to learn about the dow in a gamified way 00:03:27.370 --> 00:03:30.409 Please visit the Dow Education Hub, which is 00:03:30.409 --> 00:03:32.909 now hosted on the Sandbox Dow account, and find 00:03:32.909 --> 00:03:37.689 it near Jurassic Park World. So with today's 00:03:37.689 --> 00:03:41.789 agenda, let's go over today's agenda. We're going 00:03:41.789 --> 00:03:47.789 to do a summary of all of the parts that this 00:03:47.789 --> 00:03:53.110 was, that makes up the Foundation Company miniseries, 00:03:53.169 --> 00:03:58.479 starting with... uh, episode 34, which I didn't 00:03:58.479 --> 00:04:00.439 realize it at the time. I thought that would 00:04:00.439 --> 00:04:02.960 just be a random, um, like one and done episode 00:04:02.960 --> 00:04:06.460 turned out. That was part one of what, if you 00:04:06.460 --> 00:04:09.280 were to count them all, a nine part series. But 00:04:09.280 --> 00:04:11.840 as you can see up there, there it says part seven, 00:04:11.900 --> 00:04:14.960 because I didn't realize that Delph, uh, episode 00:04:14.960 --> 00:04:19.060 34 was part one. And by the time I realized it, 00:04:19.139 --> 00:04:21.639 I had already started part one with episode 56 00:04:21.639 --> 00:04:26.509 and then 57, 59, 60. And the wrap -up would be, 00:04:26.509 --> 00:04:29.089 you know, part nine. So if you were to really 00:04:29.089 --> 00:04:32.750 count it, Tao birth was really part one, but 00:04:32.750 --> 00:04:35.529 I don't want to go back and change all of that. 00:04:35.610 --> 00:04:38.509 So it's part zero, part one, two, three, four, 00:04:38.629 --> 00:04:40.810 five, six, seven, and then the wrap -up series. 00:04:41.329 --> 00:04:45.009 So episode 34 was a look into the Sandbox Tao 00:04:45.009 --> 00:04:49.430 origin. And then episode 56, there was quite 00:04:49.430 --> 00:04:51.089 a stretch of time there where we interviewed 00:04:51.089 --> 00:04:53.889 other people like the Tao delegates. on different 00:04:53.889 --> 00:04:58.110 dow updates and then in episode 56 we did a whole 00:04:58.110 --> 00:05:01.029 reading of the cayman island law behind foundation 00:05:01.029 --> 00:05:05.250 companies then in episode 57 we had an earnest 00:05:05.250 --> 00:05:09.050 who was a practicing american lawyer we did a 00:05:09.050 --> 00:05:12.750 review of case law developing in california and 00:05:12.750 --> 00:05:17.430 texas and how dow law happened within or is happening 00:05:17.430 --> 00:05:21.569 within america united states Then episode 59, 00:05:21.709 --> 00:05:27.410 we got to interview two practicing DAO lawyers 00:05:27.410 --> 00:05:30.149 in the Grand Cayman Islands from Workers Global. 00:05:32.149 --> 00:05:36.290 And then episode 60, we did a whole reading of 00:05:36.290 --> 00:05:38.970 the sandbox DAO documents, the articles, the 00:05:38.970 --> 00:05:44.009 memorandum, and the bylaws. Then episode 62, 00:05:44.209 --> 00:05:46.730 we did the same thing for Star Atlas, which itself 00:05:46.730 --> 00:05:49.649 is also a foundation company. I was elected to 00:05:49.649 --> 00:05:53.970 the council about 12 months ago, and I was just 00:05:53.970 --> 00:05:57.529 recently reelected again. And I love Star Atlas. 00:05:57.769 --> 00:06:00.910 It has a very similar structure, so I did a reading 00:06:00.910 --> 00:06:05.189 of their memorandum and articles in order to 00:06:05.189 --> 00:06:09.389 compare. Then in episode 64, we did a Q &A with 00:06:09.389 --> 00:06:11.990 a return from Carolyn from Walkers Global, which 00:06:11.990 --> 00:06:14.970 is an international law firm. We did a Q &A with 00:06:14.970 --> 00:06:17.069 her for all of the remaining questions we had 00:06:17.069 --> 00:06:21.509 from episode 34 to 62. There were a few questions 00:06:21.509 --> 00:06:25.810 we wanted answered. And then finally, awesome 00:06:25.810 --> 00:06:30.110 episode 65 with Glenn from Leeward Management, 00:06:30.230 --> 00:06:32.810 who is an acting director, an actual director 00:06:32.810 --> 00:06:36.050 in the Grand Cayman Islands. We got to interview 00:06:36.050 --> 00:06:40.670 him. What the day and the life of a foundation 00:06:40.670 --> 00:06:44.310 director is. And here we are, episode 66, the 00:06:44.310 --> 00:06:46.069 wrap up of everything. So we're going to do a 00:06:46.069 --> 00:06:50.569 brief, a very brief summary of all of them. And 00:06:50.569 --> 00:06:54.689 then we'll wrap up. So here's our summary. We 00:06:54.689 --> 00:06:58.430 started first with send out episode 34, what 00:06:58.430 --> 00:07:01.610 I call part zero, clocked in at three hours long. 00:07:02.069 --> 00:07:04.689 That's when I knew for certain that this was 00:07:04.689 --> 00:07:06.329 not going to be just a one and done. When it 00:07:06.329 --> 00:07:08.250 took three hours and we didn't get through everything 00:07:08.250 --> 00:07:11.670 I want to get through, I severely... I sorely 00:07:11.670 --> 00:07:13.430 underestimated how much time it would take to 00:07:13.430 --> 00:07:17.410 do all that. So it was a look into the Sandbox 00:07:17.410 --> 00:07:20.569 DAO origins. How did it begin? And I built this 00:07:20.569 --> 00:07:23.509 relationship map after many, many hours of research, 00:07:23.689 --> 00:07:25.610 like probably more than 10 hours of Googling, 00:07:25.670 --> 00:07:28.449 all sorts of stuff to try and figure this out, 00:07:28.529 --> 00:07:33.529 searching business licenses and registrations, 00:07:33.610 --> 00:07:38.149 all public knowledge. It was just findable there. 00:07:38.750 --> 00:07:41.310 And we tried to unearth how did the DAO come 00:07:41.310 --> 00:07:44.149 together? And this is what I came up with. It 00:07:44.149 --> 00:07:47.629 basically went over how the foundation related 00:07:47.629 --> 00:07:50.730 to the roles within the foundation, how that 00:07:50.730 --> 00:07:54.009 worked with the SIPs, what role Arisakyo played 00:07:54.009 --> 00:07:58.170 in the DAO itself, how the Sandbox company was 00:07:58.170 --> 00:08:00.769 connected to Animoca Brands, which was connected 00:08:00.769 --> 00:08:06.189 to Ape Foundation through Yatsu, and how actually 00:08:06.189 --> 00:08:08.870 the DAO team itself was kind of connected. to 00:08:08.870 --> 00:08:14.129 ApeCoinDAO, which ApeCoinDAO has since stood 00:08:14.129 --> 00:08:19.430 down and stopped running as of last year. So 00:08:19.430 --> 00:08:21.230 we went through all of that. I know I didn't 00:08:21.230 --> 00:08:22.930 get everything right. Like, I think I got the 00:08:22.930 --> 00:08:26.189 Fleet Collective's involvement wrong. I don't 00:08:26.189 --> 00:08:28.569 think they were quite as involved as I had originally 00:08:28.569 --> 00:08:33.210 thought it was. But I got most of it right. And 00:08:33.210 --> 00:08:37.769 we were able to, in episode 63, when we interviewed... 00:08:37.980 --> 00:08:40.960 Cyril, who is the current DAO administrator for 00:08:40.960 --> 00:08:43.940 the Sandbox DAO, when we interviewed him, we 00:08:43.940 --> 00:08:48.139 were able to really delve into this part of the 00:08:48.139 --> 00:08:50.259 relationship map and figure out how things worked 00:08:50.259 --> 00:08:54.720 with him and the DAO. How was progressive decentralization 00:08:54.720 --> 00:08:57.100 coming along? What was his perspective on the 00:08:57.100 --> 00:08:59.320 relationship between the foundation and the DAO? 00:08:59.399 --> 00:09:03.460 How has it evolved since he became the administrator? 00:09:03.779 --> 00:09:05.820 What was his involvement with the foundation? 00:09:06.600 --> 00:09:09.559 and the DAO and the Sandbox Company and his overall 00:09:09.559 --> 00:09:17.820 view for DAO performance. Right here, this SIP 00:09:17.820 --> 00:09:20.659 1, 2, 3, I called my triangle of confusion, which 00:09:20.659 --> 00:09:24.220 was very confusing for a long time. It even evolved 00:09:24.220 --> 00:09:26.840 into the rectangle of confusion. We didn't figure 00:09:26.840 --> 00:09:29.360 out what all this was about until some episodes 00:09:29.360 --> 00:09:33.789 later, but interviewing Cyril... It was so cool. 00:09:34.129 --> 00:09:35.850 I had been wanting to do that for a really long 00:09:35.850 --> 00:09:40.409 time. I really appreciated how he helped educate 00:09:40.409 --> 00:09:44.210 and bring insight into what it was, what it was 00:09:44.210 --> 00:09:48.509 like running a DAO. We also delved into the actual, 00:09:48.649 --> 00:09:52.789 the curious part of how all of the DAO players, 00:09:53.029 --> 00:09:55.990 a lot of them, were all within 10 minutes driving 00:09:55.990 --> 00:09:58.570 distance of each other on the Grand Cayman Islands. 00:09:59.250 --> 00:10:01.539 At first, You know, I thought that was really 00:10:01.539 --> 00:10:04.519 weird, really suspicious. But in later episodes, 00:10:04.659 --> 00:10:07.379 especially episode 56, we discovered there were 00:10:07.379 --> 00:10:09.039 some really good reasons why that was happening 00:10:09.039 --> 00:10:12.120 and how they were all that. It was like the business 00:10:12.120 --> 00:10:14.559 district of the Grand Cayman Islands. The Grand 00:10:14.559 --> 00:10:17.120 Cayman Islands is not that big of an island and 00:10:17.120 --> 00:10:21.840 smaller than Jamaica, for instance. And in the 00:10:21.840 --> 00:10:25.320 end, all of those different players had a part 00:10:25.320 --> 00:10:29.019 to play in the compliance of Grand Cayman Island 00:10:29.019 --> 00:10:31.820 law. And providing different services like management, 00:10:32.019 --> 00:10:35.820 director, secretary, legal. And they just all 00:10:35.820 --> 00:10:38.639 were near each other because that was where Commerce 00:10:38.639 --> 00:10:44.159 is on South Street in Georgetown. So, well, we 00:10:44.159 --> 00:10:46.720 thought maybe there was a conspiracy afoot that 00:10:46.720 --> 00:10:49.159 we were able to figure out by episode 56 that 00:10:49.159 --> 00:10:51.679 that was not the case. And by episode 65, when 00:10:51.679 --> 00:10:54.320 we interviewed the director, absolutely not. 00:10:54.779 --> 00:10:57.279 It was, there's definitely, I think we put that 00:10:57.279 --> 00:11:00.779 to rest. So that was episode that leads us into 00:11:00.779 --> 00:11:05.220 the next episode after episode 34 was episode 00:11:05.220 --> 00:11:10.820 56. That clocked in at four hours. And boy, was 00:11:10.820 --> 00:11:16.120 I in trouble there. That was what I thought was 00:11:16.120 --> 00:11:18.679 going to be one episode with episode 34. So you 00:11:18.679 --> 00:11:23.659 can already tell that we're at seven hours worth 00:11:23.659 --> 00:11:26.919 of content just right there. Episode 56 was a 00:11:26.919 --> 00:11:30.139 reading of the Cayman Island law. What was it 00:11:30.139 --> 00:11:32.759 that required all of these compliance things 00:11:32.759 --> 00:11:36.039 within a foundation company in the Grand Cayman 00:11:36.039 --> 00:11:38.600 Islands? Turns out there's quite a bit of reading 00:11:38.600 --> 00:11:42.639 we had to do, a lot of research. And the first 00:11:42.639 --> 00:11:44.379 thing we did was look through the Cayman Islands 00:11:44.379 --> 00:11:47.220 General Registry. We kind of saw a visual overview 00:11:47.220 --> 00:11:50.740 of what types of companies there were and then 00:11:50.740 --> 00:11:55.889 how the sandbox DAO It was a foundation company. 00:11:56.029 --> 00:11:59.450 It was exempt. And where did that fit in the 00:11:59.450 --> 00:12:03.710 hierarchy of things within the Cayman Islands? 00:12:04.169 --> 00:12:07.250 Then after we kind of did an overview like that, 00:12:07.309 --> 00:12:10.090 we looked into the law regulation stack where 00:12:10.090 --> 00:12:12.230 all the laws that were pertinent to a foundation 00:12:12.230 --> 00:12:15.610 company, such as the Companies Act, the Foundation 00:12:15.610 --> 00:12:19.230 Companies Act, all the case law that was trying 00:12:19.230 --> 00:12:21.870 to develop around it, mostly dispute resolution 00:12:21.870 --> 00:12:24.250 stuff. So how do you interpret the law when... 00:12:24.519 --> 00:12:27.179 Two people disagree over what it says. And then 00:12:27.179 --> 00:12:30.639 the Companies Management Act, the Directors Registration 00:12:30.639 --> 00:12:34.639 and Licensing Act, the Citation of Acts Parliament 00:12:34.639 --> 00:12:37.840 Act, even had a role to play in changing all 00:12:37.840 --> 00:12:41.379 the laws to acts, the Virtual Asset Service Provider 00:12:41.379 --> 00:12:43.960 Act, the Securities Investment Business Act. 00:12:44.100 --> 00:12:46.720 So all of these things we read through in order 00:12:46.720 --> 00:12:48.600 to figure out how they played a part in a foundation 00:12:48.600 --> 00:12:53.480 company. And by the end of episode 65, We had 00:12:53.480 --> 00:12:56.960 to expand that into a commercial interpretation, 00:12:57.139 --> 00:12:59.759 such as what did the law firm say about that, 00:12:59.820 --> 00:13:02.559 like Walker's Global? And what did a professional 00:13:02.559 --> 00:13:04.659 director have to say about that, which was Glenn 00:13:04.659 --> 00:13:07.200 from Leeward Management? We ended up hitting 00:13:07.200 --> 00:13:10.840 a lot of these laws and multiple times throughout 00:13:10.840 --> 00:13:18.259 the parts. And that really did an awesome, in 00:13:18.259 --> 00:13:21.779 episode 56, that really did shed a lot of light. 00:13:22.200 --> 00:13:24.379 on why we were seeing so many things within a 00:13:24.379 --> 00:13:27.120 foundation company. Why were there so many different 00:13:27.120 --> 00:13:30.740 services being involved? It was really helpful. 00:13:31.179 --> 00:13:34.600 I highly recommend that episode just because 00:13:34.600 --> 00:13:38.039 of how deep we delved into it and how much it 00:13:38.039 --> 00:13:42.340 revealed about a foundation company. Then I tried 00:13:42.340 --> 00:13:45.940 my hand at creating a flow chart of how is a 00:13:45.940 --> 00:13:50.120 DAO company, a foundation company born and what 00:13:50.120 --> 00:13:53.360 happens afterwards. It was my best guess. And 00:13:53.360 --> 00:13:57.399 episode 56, I had just read all of those hundreds 00:13:57.399 --> 00:14:00.779 of pages from the laws over here. And then I 00:14:00.779 --> 00:14:03.279 tried my hand at what happens when a DAO wants 00:14:03.279 --> 00:14:07.179 to become a foundation company. And I pulled 00:14:07.179 --> 00:14:09.440 from the laws and regulations to figure that 00:14:09.440 --> 00:14:13.860 out. And selecting persons. Then figure out who's 00:14:13.860 --> 00:14:15.820 going to provide the corporate services. All 00:14:15.820 --> 00:14:18.980 the licensing that was required. And then what 00:14:18.980 --> 00:14:22.110 I didn't know was... What happened day to day? 00:14:22.370 --> 00:14:25.029 And that was where I originally described this 00:14:25.029 --> 00:14:29.889 as my triangle of confusion over here. When Sips 00:14:29.889 --> 00:14:32.429 1, 2, and 3, how did that govern the relationships 00:14:32.429 --> 00:14:35.730 of all of these people? And after I read all 00:14:35.730 --> 00:14:37.809 the laws, I didn't get any closer to that, so 00:14:37.809 --> 00:14:40.169 I called it my rectangle of confusion. Because 00:14:40.169 --> 00:14:42.049 I still didn't know how everyone played together 00:14:42.049 --> 00:14:45.409 and what the rules were. We did later on figure 00:14:45.409 --> 00:14:49.429 out, in episode 64, we were able to expand that. 00:14:49.899 --> 00:14:52.440 to be a little more accurate, where SEMA didn't 00:14:52.440 --> 00:14:54.860 play a role in this. They now selected service 00:14:54.860 --> 00:14:57.360 providers in the beginning to include legal services. 00:14:57.820 --> 00:15:00.259 The director provides director services, and 00:15:00.259 --> 00:15:03.899 that's when you start, you draft the memorandum 00:15:03.899 --> 00:15:07.840 and articles, you register, and then you create 00:15:07.840 --> 00:15:10.019 the company, and also there's the auditor and 00:15:10.019 --> 00:15:12.220 the chairman involved in all of this. We were 00:15:12.220 --> 00:15:15.279 able to figure out a lot more what everyone was 00:15:15.279 --> 00:15:18.240 doing and how they all interacted with each other. 00:15:19.230 --> 00:15:23.230 So really enjoy the discussion with Melissa and 00:15:23.230 --> 00:15:27.750 Carolyn. And then we started piecing together. 00:15:28.009 --> 00:15:30.090 And by the end of episode 56, we had a pretty 00:15:30.090 --> 00:15:33.090 good idea of what all of these terms meant when 00:15:33.090 --> 00:15:36.370 we were reading them in our DAO, in the Sandbox 00:15:36.370 --> 00:15:38.990 DAO. What did articles of association mean? What 00:15:38.990 --> 00:15:40.850 did memorandum of association mean? What did 00:15:40.850 --> 00:15:42.990 a foundation company mean? What did it mean to 00:15:42.990 --> 00:15:45.350 be limited by guarantee or without any share 00:15:45.350 --> 00:15:47.710 capital? Why was the Cayman Island government 00:15:47.710 --> 00:15:50.470 involved in this? Even the $50 stamp, we figured 00:15:50.470 --> 00:15:56.129 out where that was cited. What was a subscriber? 00:15:56.590 --> 00:16:00.029 And what role did the assistant registrar play? 00:16:00.909 --> 00:16:02.870 And we delved into the acts and regulations, 00:16:03.070 --> 00:16:06.490 and we did a lot. By the end of it, I was able 00:16:06.490 --> 00:16:09.409 to put together a TLDR of what all of this meant 00:16:09.409 --> 00:16:13.129 in episode 56. And by episode 65, we were able 00:16:13.129 --> 00:16:15.889 to expand that to be a little bit more accurate 00:16:15.889 --> 00:16:19.960 as to what was happening. So, what we ended up 00:16:19.960 --> 00:16:27.120 with here was a foundation company is both the 00:16:27.120 --> 00:16:29.419 name of the sandbox DAO and a type of company 00:16:29.419 --> 00:16:31.960 in the Grand Cayman Islands. It is flexible in 00:16:31.960 --> 00:16:34.539 how it's structured and operates. What is an 00:16:34.539 --> 00:16:36.860 exempted company? It means a company that does 00:16:36.860 --> 00:16:39.120 business outside the Cayman Islands. What does 00:16:39.120 --> 00:16:41.820 limited by guarantee mean? It means the members 00:16:41.820 --> 00:16:44.720 of the foundation company can only lose what 00:16:44.720 --> 00:16:47.539 they put in the company. What does without any 00:16:47.539 --> 00:16:50.639 share capital mean? It means no shares or units, 00:16:50.720 --> 00:16:53.299 otherwise known as units of ownership, were created 00:16:53.299 --> 00:16:57.860 when the company was formed. Articles and Memorandum 00:16:57.860 --> 00:17:00.360 of Association. A memo creates the foundation 00:17:00.360 --> 00:17:03.139 company. Articles describe how it will be operated. 00:17:03.399 --> 00:17:06.079 And the bylaws, which we didn't realize what 00:17:06.079 --> 00:17:09.160 part they played, but the bylaws establish internal 00:17:09.160 --> 00:17:12.619 business rules, like when meetings, what happens 00:17:12.619 --> 00:17:15.460 in meetings, how do the roles all work together. 00:17:17.230 --> 00:17:19.809 We looked up how much business was being done 00:17:19.809 --> 00:17:22.829 in the Cayman Islands. A thousand companies registered 00:17:22.829 --> 00:17:26.410 in one month alone. And a year later, now in 00:17:26.410 --> 00:17:30.349 this past September 2025, over a thousand companies 00:17:30.349 --> 00:17:33.789 registered. So the trend is up for them. But 00:17:33.789 --> 00:17:36.650 it looks like the active companies in quarter 00:17:36.650 --> 00:17:40.690 three 2024 remained the same at 121 ,000 as did 00:17:40.690 --> 00:17:44.130 quarter three in 2025 a year later. And that's 00:17:44.130 --> 00:17:47.740 mostly because as many companies... were created 00:17:47.740 --> 00:17:53.220 also were dissolved. Foundation rules are flexible 00:17:53.220 --> 00:17:55.400 and varied. A subscriber will create the foundation 00:17:55.400 --> 00:17:57.740 company, a director will lead it, secretaries 00:17:57.740 --> 00:18:00.380 license the document, record, certify, members, 00:18:00.539 --> 00:18:02.700 founders, officers, supervisors, managers all 00:18:02.700 --> 00:18:06.420 conduct daily activities. And a foundation company 00:18:06.420 --> 00:18:10.660 is governed by Grand Cayman Island law, mostly 00:18:10.660 --> 00:18:12.180 through the Companies Act and the Foundation 00:18:12.180 --> 00:18:15.960 Companies Act. So we are able to get more specific 00:18:15.960 --> 00:18:19.259 and also more accurate in our TLDR after episode 00:18:19.259 --> 00:18:25.660 65. Then we went on to episode 57 after episode 00:18:25.660 --> 00:18:31.019 56. So episode 57 was a review of United States 00:18:31.019 --> 00:18:34.839 of America case law surrounding Dow's and also 00:18:34.839 --> 00:18:39.579 Dow law in different states. We had on Ernest. 00:18:40.059 --> 00:18:43.440 who runs board counsel and also board legal. 00:18:43.619 --> 00:18:49.079 He is a fellow ape, and he was able to help shed 00:18:49.079 --> 00:18:50.900 some light as a practicing attorney himself. 00:18:51.420 --> 00:18:54.400 Then the interview clocked in about two hours. 00:18:54.980 --> 00:18:57.500 We went over some of the recent court rulings 00:18:57.500 --> 00:19:00.380 at the time, such as Oki DAO getting sued by 00:19:00.380 --> 00:19:03.299 a U .S. regulator, PZX DAO getting sued by a 00:19:03.299 --> 00:19:06.819 DAO token holder, Lido DAO being sued by a non 00:19:06.819 --> 00:19:11.470 -DAO token holder, Some of it's still ongoing, 00:19:11.809 --> 00:19:15.329 but some things that were coming out was that 00:19:15.329 --> 00:19:18.589 a person can be sued as an unincorporated association 00:19:18.589 --> 00:19:22.470 under U .S.-California state law. A DAO can be 00:19:22.470 --> 00:19:24.509 sued as a person, is what I mean to say there. 00:19:25.049 --> 00:19:29.250 Also that people within the DAO may unintentionally 00:19:29.250 --> 00:19:34.130 create a partnership where their actions intended 00:19:34.130 --> 00:19:37.250 to engage elite and business together, so they 00:19:37.250 --> 00:19:40.440 could be sued. and then be liable for each other's 00:19:40.440 --> 00:19:42.339 actions in the DAO. Hence, one of the reasons 00:19:42.339 --> 00:19:45.220 why company is needed. And we'll go over that 00:19:45.220 --> 00:19:48.940 later. In LidoDAO, where DAO members were being 00:19:48.940 --> 00:19:51.980 treated as general partners, which meant, in 00:19:51.980 --> 00:19:54.880 some cases, unlimited liability. I mean, if someone 00:19:54.880 --> 00:19:59.099 did something in the DAO, you could be liable 00:19:59.099 --> 00:20:03.220 for it. Because in one instance, you created 00:20:03.220 --> 00:20:05.579 a partnership, whether you intended to or not. 00:20:06.799 --> 00:20:09.759 So that's pretty significant stuff. And then 00:20:09.759 --> 00:20:11.980 we started delving into all the different DAO 00:20:11.980 --> 00:20:14.819 law in different states, primarily Tennessee, 00:20:15.140 --> 00:20:19.079 Wyoming, Vermont, or Utah. And this is where 00:20:19.079 --> 00:20:22.759 we started getting into what a DAO company was, 00:20:22.940 --> 00:20:26.180 like a foundation company. And then we likened 00:20:26.180 --> 00:20:29.460 it to the castle and the moat. So the castle 00:20:29.460 --> 00:20:32.400 is the DAO. And inside the castle, we do all 00:20:32.400 --> 00:20:34.960 DAO things. We're DAOing. We vote, we discuss, 00:20:35.200 --> 00:20:38.559 all of that. So the company, the Tao company, 00:20:38.799 --> 00:20:41.980 is what's known as the wrapper. That acts as 00:20:41.980 --> 00:20:45.279 the moat, that moat around the castle that protects 00:20:45.279 --> 00:20:49.619 it. And the thing to know is that the moat is 00:20:49.619 --> 00:20:52.059 not the same thing as the castle. They are two 00:20:52.059 --> 00:20:54.720 separate things, two different objectives and 00:20:54.720 --> 00:20:57.160 purposes, and they do not answer to each other 00:20:57.160 --> 00:21:01.059 in the same way that, well, they don't answer 00:21:01.059 --> 00:21:03.559 to each other. So it's important to know the 00:21:03.559 --> 00:21:05.230 difference between the castle. which is where 00:21:05.230 --> 00:21:07.589 we do our dowing, and the moat, which is the 00:21:07.589 --> 00:21:10.049 company that protects it. And we get into that 00:21:10.049 --> 00:21:11.730 a little bit more when we interview our lawyers 00:21:11.730 --> 00:21:15.210 from the Grand Cayman Islands. We delve into 00:21:15.210 --> 00:21:17.470 Utah and how they take a for -profit approach 00:21:17.470 --> 00:21:21.369 called an LLD, Limited Liability Decentralized 00:21:21.369 --> 00:21:23.869 Autonomous Organization, whereas Wyoming took 00:21:23.869 --> 00:21:26.670 a more unincorporated nonprofit approach known 00:21:26.670 --> 00:21:29.849 as a DUNA, Decentralized Unincorporated Nonprofit 00:21:29.849 --> 00:21:34.359 Association. Vermont took an LLC approach. They 00:21:34.359 --> 00:21:38.839 called it the BBLLC, Blockchain -Based Limited 00:21:38.839 --> 00:21:41.660 Liability Company. And Tennessee just revised 00:21:41.660 --> 00:21:46.059 some of their LLC law to include DAOs. Then we 00:21:46.059 --> 00:21:49.019 did some honorary mentions of some crypto decisions 00:21:49.019 --> 00:21:51.460 every lawyer needed to know. We went through 00:21:51.460 --> 00:21:54.079 the SEC investigative report as well as their 00:21:54.079 --> 00:21:57.539 framework. And last, we left with how do regulators 00:21:57.539 --> 00:21:59.680 have jurisdiction over international entities? 00:22:00.319 --> 00:22:02.619 Groups and actions, as we saw in the case law, 00:22:02.680 --> 00:22:04.940 how some people were being sued outside of the 00:22:04.940 --> 00:22:08.019 U .S. and some entities were. And that's where 00:22:08.019 --> 00:22:10.420 Ernest kind of gave some insight and education 00:22:10.420 --> 00:22:14.299 on what the long arm statute was, conducts and 00:22:14.299 --> 00:22:17.140 effects test, and the Dodd -Frank Act, and how 00:22:17.140 --> 00:22:20.380 all of those contributed to U .S. regulators 00:22:20.380 --> 00:22:22.880 being able to do that. It was a great episode. 00:22:23.059 --> 00:22:28.420 I thank Ernest very much for it. After 57, we 00:22:28.420 --> 00:22:31.779 went to episode 59. And that is where we were 00:22:31.779 --> 00:22:37.079 able to get a briefing from two lawyers from 00:22:37.079 --> 00:22:39.460 Walkers Global, who are two practicing lawyers 00:22:39.460 --> 00:22:42.420 for DAOs in the Grand Cayman Islands. Clocked 00:22:42.420 --> 00:22:45.400 in about an hour and a half long. And this was 00:22:45.400 --> 00:22:49.559 very much a briefing orientation. I didn't do 00:22:49.559 --> 00:22:53.920 much interviewing. They did educating. They came 00:22:53.920 --> 00:22:55.740 prepared with a whole PowerPoint presentation. 00:22:56.500 --> 00:22:59.849 Melissa and Carolyn did. And they explained this 00:22:59.849 --> 00:23:03.450 as if we were a client of theirs. And it was 00:23:03.450 --> 00:23:06.250 really eye -opening, very educational. So we 00:23:06.250 --> 00:23:08.190 went over things like, why would a DAO wish to 00:23:08.190 --> 00:23:11.210 use a Cayman entity? Like such things as regulatory 00:23:11.210 --> 00:23:14.730 certainty, crypto -friendly, Cayman Islands' 00:23:14.869 --> 00:23:16.890 tax -neutral jurisdiction, and other things. 00:23:27.440 --> 00:23:32.920 We also went over why would a DAO form a Cayman 00:23:32.920 --> 00:23:36.500 Island Foundation company? Because it fits for 00:23:36.500 --> 00:23:40.079 the decentralized ethos. It can be memberless. 00:23:40.839 --> 00:23:43.759 It can be very unique and flexibly structured. 00:23:44.440 --> 00:23:48.140 And it acts as a shield of liability for the 00:23:48.140 --> 00:23:50.440 DAO, which is that moat that we were talking 00:23:50.440 --> 00:23:54.480 about that protects the castle. Then we went 00:23:54.480 --> 00:23:58.150 over a timeline of events. to what happens when 00:23:58.150 --> 00:24:00.869 a DAO is created, excuse me, a foundation company 00:24:00.869 --> 00:24:04.210 is created. First with the incorporation, then 00:24:04.210 --> 00:24:07.029 it stays director -led, meaning the director 00:24:07.029 --> 00:24:10.730 makes most of the decisions. And as a decentralization, 00:24:10.930 --> 00:24:14.769 a progressive decentralization takes hold, it 00:24:14.769 --> 00:24:17.829 then converts over to a token holder -led, where 00:24:17.829 --> 00:24:20.829 the token holders do most of the decision -making. 00:24:21.349 --> 00:24:25.309 And then we went more into the timeline. as to 00:24:25.309 --> 00:24:27.269 how the the token holder governance mechanics 00:24:27.269 --> 00:24:30.069 are set out in the bylaws the importance of the 00:24:30.069 --> 00:24:35.009 bylaws um so that's when earlier uh we were uh 00:24:35.009 --> 00:24:42.589 we were in the oh here in the flow chart we added 00:24:42.589 --> 00:24:46.309 things uh such as bylaws and in the tldr as well 00:24:46.309 --> 00:24:49.890 we were updating it based on a lot of what we 00:24:49.890 --> 00:24:52.599 were seeing in here in episode 59. Then we went 00:24:52.599 --> 00:24:54.619 over what documents were required to form a foundation 00:24:54.619 --> 00:24:58.319 company, the affidavit, the memorandum and the 00:24:58.319 --> 00:25:01.960 articles, and then all the subscriber artifacts 00:25:01.960 --> 00:25:04.640 that need to be submitted to the Cayman Islands 00:25:04.640 --> 00:25:07.500 government. Then we went over different activities 00:25:07.500 --> 00:25:11.200 that a Cayman Foundation company can do, such 00:25:11.200 --> 00:25:14.339 as minting and issuing tokens, private sales 00:25:14.339 --> 00:25:17.880 or airdrops, treasury management of tokens and 00:25:17.880 --> 00:25:20.880 stablecoins, administering programs or bounties. 00:25:21.769 --> 00:25:24.009 executing servicing agreements and consulting 00:25:24.009 --> 00:25:27.089 agreements, so signing contracts, and trading. 00:25:27.950 --> 00:25:29.569 And then we went over a little bit about the 00:25:29.569 --> 00:25:31.769 legal framework like the VASP Act and how that 00:25:31.769 --> 00:25:34.650 may or may not have been applicable to different 00:25:34.650 --> 00:25:38.490 DAOs and needing to be registered with different 00:25:38.490 --> 00:25:42.170 monetary authorities, mostly dealing with your 00:25:42.170 --> 00:25:45.430 customer, KYC, your AML, anti -money laundering 00:25:45.430 --> 00:25:50.359 laws. And it was a wonderful conversation. Absolutely 00:25:50.359 --> 00:25:53.799 love talking to Melissa and Carolyn. They seem 00:25:53.799 --> 00:25:56.180 to be very, very knowledgeable, very experienced 00:25:56.180 --> 00:26:01.880 in DAO law and advising foundation companies. 00:26:02.039 --> 00:26:04.940 So I highly recommend take a look if you have 00:26:04.940 --> 00:26:08.519 any DAO needs in the Cayman Islands. From Walkers 00:26:08.519 --> 00:26:12.619 Global, Melissa and Carolyn both were very knowledgeable. 00:26:12.740 --> 00:26:16.539 I enjoyed speaking with them. After episode 59, 00:26:16.660 --> 00:26:20.980 we then went into episode 60. And this one was 00:26:20.980 --> 00:26:23.119 the most surprising of all of them. Not because 00:26:23.119 --> 00:26:27.200 when we read the Sandbox DAO Foundation documents, 00:26:27.420 --> 00:26:30.720 mostly the articles, the memorandum, and the 00:26:30.720 --> 00:26:33.660 bylaws, we had already looked at them, mostly 00:26:33.660 --> 00:26:37.140 as a DAO. But when I read them, what I didn't 00:26:37.140 --> 00:26:40.279 expect is that it would take six hours long. 00:26:41.799 --> 00:26:44.400 Six hours it took me to go through all that, 00:26:44.579 --> 00:26:49.490 which blows my mind. But I was committed. At 00:26:49.490 --> 00:26:51.250 that point. So I might as well have just finished 00:26:51.250 --> 00:26:56.809 it. So I did. We just read through. Of the memorandum. 00:26:56.809 --> 00:27:00.990 The articles. And what they. Essentially the 00:27:00.990 --> 00:27:02.970 bylaws. It's mislabeled as the constitution. 00:27:03.329 --> 00:27:05.089 It's not the constitution. That means something 00:27:05.089 --> 00:27:09.289 else. In the foundation company law. And not 00:27:09.289 --> 00:27:11.769 that. So we're talking about the bylaws there. 00:27:13.069 --> 00:27:15.930 In the memorandum. And article of association. 00:27:16.009 --> 00:27:19.930 You could find that. SIPs number one and two. 00:27:20.130 --> 00:27:22.109 In SIP one, if you just scroll down under the 00:27:22.109 --> 00:27:24.230 description, you'll see the link to the Dow Constitution. 00:27:24.630 --> 00:27:27.329 Like I said, it's supposed to be the bylaws according 00:27:27.329 --> 00:27:31.730 to foundation company law. But in SIP two, if 00:27:31.730 --> 00:27:34.170 you scroll down to the very bottom, you'll see 00:27:34.170 --> 00:27:36.529 articles of association and memorandum of association 00:27:36.529 --> 00:27:40.710 where you can click those and read them. And 00:27:40.710 --> 00:27:43.589 the memorandum of association, we read through 00:27:43.589 --> 00:27:46.029 all of it. And then we had some questions at 00:27:46.029 --> 00:27:50.910 the end like, The VASP Act apply to the foundation 00:27:50.910 --> 00:27:54.289 company because it had words like digital asset 00:27:54.289 --> 00:27:59.210 and stuff. Did the securities law, that's the 00:27:59.210 --> 00:28:05.589 wrong word. Hold on a second. The Securities 00:28:05.589 --> 00:28:09.089 Investment Business Act apply from the Grand 00:28:09.089 --> 00:28:13.609 Cayman Islands. Who are the beneficiaries? Is 00:28:13.609 --> 00:28:16.329 it SanFam? Is it someone else? Turns out it's 00:28:16.329 --> 00:28:20.710 not Sam Fam. Who's the founder? I was never really 00:28:20.710 --> 00:28:24.089 fully figured that one out. But we were able 00:28:24.089 --> 00:28:27.529 to read through all of it and then understand 00:28:27.529 --> 00:28:32.490 how things were run at that level. Then we went 00:28:32.490 --> 00:28:34.289 into the Articles Association and read through 00:28:34.289 --> 00:28:40.910 it. And things like we read out who the director 00:28:40.910 --> 00:28:44.970 was and that had a connection. Earlier when we 00:28:44.970 --> 00:28:48.190 were talking about who were the key players in 00:28:48.190 --> 00:28:53.410 the relationship map. So they're IP &A over here 00:28:53.410 --> 00:28:57.230 and ICSL. What roles they have to play in all 00:28:57.230 --> 00:29:02.890 of this. And did the initial subscriber become 00:29:02.890 --> 00:29:05.230 the founder or director? We don't really know. 00:29:05.789 --> 00:29:10.269 And then is the special counsel or advisory board 00:29:10.269 --> 00:29:13.839 considered members? Turns out they're not. Other 00:29:13.839 --> 00:29:17.279 things that we talked about. Then we went to 00:29:17.279 --> 00:29:21.660 the bylaws, not the Constitution, and read all 00:29:21.660 --> 00:29:25.079 of it. And this had some questions there about 00:29:25.079 --> 00:29:28.920 why three consecutive terms only. Why was the 00:29:28.920 --> 00:29:30.539 advisory board able to be removed? Stuff like 00:29:30.539 --> 00:29:36.200 that. And just, it was a good reading of the 00:29:36.200 --> 00:29:39.799 thing that dictates how the foundation company 00:29:39.799 --> 00:29:42.599 is run. Then we did an entity search where we 00:29:42.599 --> 00:29:46.579 kind of checked into the rubber stamps on the 00:29:46.579 --> 00:29:49.119 articles in the memorandum, trying to figure 00:29:49.119 --> 00:29:53.359 out how the Sandbox Foundation was registered. 00:29:53.680 --> 00:29:56.400 If you want to pay that $60 there, then you could 00:29:56.400 --> 00:29:59.099 get more details about that because it's open. 00:29:59.799 --> 00:30:02.079 All you have to do is create an account. Then 00:30:02.079 --> 00:30:05.880 we looked into the Grand Cayman Islands General 00:30:05.880 --> 00:30:08.630 Registry. And looked at the authorization code 00:30:08.630 --> 00:30:11.130 to figure out if it was still valid. It was. 00:30:11.170 --> 00:30:13.569 Everything checked out. Then we did a little 00:30:13.569 --> 00:30:17.069 bit of research into some of the Maples group 00:30:17.069 --> 00:30:24.049 and the ICSL. And was able to find some connections 00:30:24.049 --> 00:30:29.390 there to registrations on the relationship map 00:30:29.390 --> 00:30:31.539 that I showed you a little earlier. And then 00:30:31.539 --> 00:30:33.160 we took a little bit of a detour to figure out 00:30:33.160 --> 00:30:34.900 how that related to the ApeCoin DAO. Because 00:30:34.900 --> 00:30:38.339 some of my fellow apes were asking if I could 00:30:38.339 --> 00:30:41.119 look into ApeCoin DAO. What I could find there. 00:30:41.180 --> 00:30:44.640 We did find some things on BridgeStream and WebSlinger. 00:30:45.099 --> 00:30:48.720 And Ape Foundation itself. And then we wrapped 00:30:48.720 --> 00:30:51.299 up the episode. So that was episode 60. A reading 00:30:51.299 --> 00:30:54.240 of the Sandbox DAO documents. Then I got into 00:30:54.240 --> 00:30:56.740 Star Atlas. And Star Atlas also is a foundation 00:30:56.740 --> 00:31:02.779 company. I ended up running for DAO Council, 00:31:02.900 --> 00:31:05.539 as I mentioned earlier, and I'm currently elected 00:31:05.539 --> 00:31:07.960 to the DAO Council, which is kind of like an 00:31:07.960 --> 00:31:10.700 equivalent of the Sandbox DAO Special Council. 00:31:11.140 --> 00:31:14.880 And so I did a reading of their documents. It 00:31:14.880 --> 00:31:19.059 clocked in at four hours, so it still, too, was 00:31:19.059 --> 00:31:23.460 quite long. They have a little bit more documentation 00:31:23.460 --> 00:31:27.549 when it comes to... their their dow so they have 00:31:27.549 --> 00:31:29.730 not only just a white paper like sandbox does 00:31:29.730 --> 00:31:32.349 but also they have a dow specific sustainable 00:31:32.349 --> 00:31:35.549 governance framework um they also have an economics 00:31:35.549 --> 00:31:39.230 paper which talks about the economy of star atlas 00:31:39.230 --> 00:31:43.009 and how the dow is a part of that so we did those 00:31:43.009 --> 00:31:46.250 readings of those things and then we found the 00:31:46.250 --> 00:31:49.970 memorandum and articles and their discord also 00:31:49.970 --> 00:31:52.250 in their git book so if you go in the knowledge 00:31:52.250 --> 00:31:55.500 base Under our structure, you'll see the memorandum 00:31:55.500 --> 00:31:58.480 and the articles down there. If you scroll down 00:31:58.480 --> 00:32:01.460 to where the memorandum association header is 00:32:01.460 --> 00:32:05.019 or in DAO Discord in the DAO chat, you'll see 00:32:05.019 --> 00:32:08.380 it was attached there. So that was cool. We went 00:32:08.380 --> 00:32:10.839 through the memorandum. It was similarly structured 00:32:10.839 --> 00:32:14.460 like the Sandbox Foundation was. But one thing 00:32:14.460 --> 00:32:16.720 we did notice is that Star Atlas Foundation didn't 00:32:16.720 --> 00:32:19.140 have a founder. So that was really interesting. 00:32:19.279 --> 00:32:21.900 It turns out that's because of the differing... 00:32:22.899 --> 00:32:26.160 interpretations by legal counsel so like walkers 00:32:26.160 --> 00:32:30.380 global or alberga thorpe and they they had differing 00:32:30.380 --> 00:32:35.019 interpretations and then the people who created 00:32:35.019 --> 00:32:38.039 the foundation company acted on it in different 00:32:38.039 --> 00:32:40.859 ways um something that's something we learned 00:32:40.859 --> 00:32:42.880 when reading the foundation's company act that 00:32:42.880 --> 00:32:45.319 there was some flexibility there's a lot of flexibility 00:32:45.319 --> 00:32:47.099 in how you could create a foundation company 00:32:47.930 --> 00:32:50.150 So then we went into some questions about the 00:32:50.150 --> 00:32:52.549 director, the objects, members, beneficiaries, 00:32:53.029 --> 00:32:55.250 did the VASPAC apply to Star Atlas Foundation, 00:32:55.609 --> 00:33:00.109 and why did it c -set members? So all of those 00:33:00.109 --> 00:33:02.910 things we looked into. Then in the articles, 00:33:03.049 --> 00:33:07.369 we started looking into the Star Atlas Council, 00:33:07.809 --> 00:33:10.950 their local board committees, supervisors, directors, 00:33:11.210 --> 00:33:13.450 and trying to figure out what meeting notices 00:33:13.450 --> 00:33:15.910 meant and all of that and special resolutions. 00:33:18.119 --> 00:33:21.180 We then did a little bit of an interpretation 00:33:21.180 --> 00:33:24.200 exercise where we took some of the really heavily 00:33:24.200 --> 00:33:27.480 worded legal jargon and tried to piece together 00:33:27.480 --> 00:33:30.180 what it was trying to say. So we took like all 00:33:30.180 --> 00:33:33.819 the nouns, verbs, adverbs, and pieced together 00:33:33.819 --> 00:33:37.220 what this really long paragraph was trying to 00:33:37.220 --> 00:33:41.160 tell us, what it authorized people to do. That 00:33:41.160 --> 00:33:43.920 was a lot of fun. I enjoyed that. Then we, just 00:33:43.920 --> 00:33:47.710 like in the Sandbox Foundation, We did a document 00:33:47.710 --> 00:33:51.309 search for the Star Atlas and verified that it 00:33:51.309 --> 00:33:54.589 too was stamped properly. Then we looked at the 00:33:54.589 --> 00:33:57.970 entity search, saw that Leeward Management, which 00:33:57.970 --> 00:34:05.150 was the company hired to run the Star Atlas DAO, 00:34:05.289 --> 00:34:13.050 led by Glenn, verified their status. And yeah, 00:34:13.110 --> 00:34:16.920 awesome. I loved it. That was episode 62. Episode 00:34:16.920 --> 00:34:20.460 64 clocked in at an hour. Carolyn returned from 00:34:20.460 --> 00:34:23.719 Walker's Global to answer and finish some Q &A. 00:34:24.019 --> 00:34:30.260 Again, Carolyn is a Cayman Islands lawyer practicing 00:34:30.260 --> 00:34:33.119 in the Grand Cayman Islands and advises DAOs. 00:34:33.460 --> 00:34:36.300 So she came back and we answered questions like, 00:34:36.460 --> 00:34:38.119 what's the relationship between the DAO and the 00:34:38.119 --> 00:34:40.159 foundation company? What's the legal authority 00:34:40.159 --> 00:34:42.400 that the foundation company has over the DAO? 00:34:43.019 --> 00:34:46.320 And what is the director or fiduciary of? Is 00:34:46.320 --> 00:34:47.840 it the objects, the members, the beneficiaries? 00:34:48.179 --> 00:34:51.280 Turns out it's the objects. And then we got into 00:34:51.280 --> 00:34:54.699 a lot more questions. Token holders, members, 00:34:55.079 --> 00:34:58.179 secretaries, the foundation company law itself, 00:34:58.460 --> 00:35:04.619 how AIPs, PIPs, and SIPs get ratified. And then 00:35:04.619 --> 00:35:09.619 we updated the flowchart. So the flowchart started 00:35:09.619 --> 00:35:12.880 in episode 56 up here. My best guess. And by 00:35:12.880 --> 00:35:15.559 the end of episode 64 with Carolyn, we were able 00:35:15.559 --> 00:35:18.340 to update quite a bit of it here in green. And 00:35:18.340 --> 00:35:21.760 it was awesome. I loved it. That was episode 00:35:21.760 --> 00:35:26.800 64. Then we did episode 65. One of my favorites 00:35:26.800 --> 00:35:29.039 episode. One of my favorite episodes. Probably 00:35:29.039 --> 00:35:31.679 was my favorite episode. We were able to interview 00:35:31.679 --> 00:35:36.059 an acting, an actual director, Glenn from Leeward 00:35:36.059 --> 00:35:38.679 Management. Glenn is the director of Star Atlas 00:35:38.679 --> 00:35:42.989 Now. and foundation company i mean uh not the 00:35:42.989 --> 00:35:45.690 dow itself which is the castle the foundation 00:35:45.690 --> 00:35:49.309 company which is the moat so glenn was director 00:35:49.309 --> 00:35:52.269 of the moat basically the bay the castle defenses 00:35:52.269 --> 00:35:56.429 as the foundation director of the star atlas 00:35:56.429 --> 00:36:00.730 foundation company and we interviewed him i loved 00:36:00.730 --> 00:36:03.690 it it was my favorite interview uh really close 00:36:03.690 --> 00:36:08.090 uh with mel and melissa's interview but this 00:36:08.090 --> 00:36:11.440 one because This is an acting director who manages 00:36:11.440 --> 00:36:14.159 foundation companies in the Grand Cayman Islands 00:36:14.159 --> 00:36:17.380 for DAOs on a daily basis. So we looked into, 00:36:17.559 --> 00:36:21.119 like, what does a director do? What does it look 00:36:21.119 --> 00:36:23.960 like to a day in the life of a director? What 00:36:23.960 --> 00:36:26.440 misconceptions exist about the director's role? 00:36:26.840 --> 00:36:29.460 And what responsibility does a foundation company 00:36:29.460 --> 00:36:33.480 have to the DAO? Then we went into a lot of other 00:36:33.480 --> 00:36:36.239 questions. I highly recommend watching that episode. 00:36:36.440 --> 00:36:41.210 If you want to know how DAOs work, legally, look 00:36:41.210 --> 00:36:52.250 at episode 65, 64, and 60... 59. Look at 59. 00:36:53.449 --> 00:36:57.670 Yeah, look at 59, 64, and 65, and you'll get 00:36:57.670 --> 00:36:59.710 a really good idea of how foundation companies 00:36:59.710 --> 00:37:03.530 work in the Grand Canyon Islands. So we went 00:37:03.530 --> 00:37:06.820 through all of that with Glenn. Very, very grateful 00:37:06.820 --> 00:37:09.139 for his time. We were able to update the TLDR 00:37:09.139 --> 00:37:13.860 that we started in 56, episode 56, to a more 00:37:13.860 --> 00:37:18.380 precise, accurate version in 65. Also, Carolyn 00:37:18.380 --> 00:37:21.420 and Melissa had some help in that too. So by 00:37:21.420 --> 00:37:24.679 the end of it, Glenn was, it was very gracious 00:37:24.679 --> 00:37:29.300 of him to give his time for that. I highly recommend 00:37:29.300 --> 00:37:33.239 it. If you have needs of a foundation director, 00:37:33.599 --> 00:37:37.179 I think. Look no further than Leeward Management. 00:37:37.420 --> 00:37:39.019 Take a look at them and see if they're a good 00:37:39.019 --> 00:37:41.440 fit for you. But working with Glenn has been 00:37:41.440 --> 00:37:44.599 a real pleasure, and I enjoyed speaking with 00:37:44.599 --> 00:37:50.900 him. And there we go. That's the summary. That's 00:37:50.900 --> 00:37:53.739 the summary of all of the parts that we went 00:37:53.739 --> 00:37:56.199 through. And I'm almost done with my bold red 00:37:56.199 --> 00:38:01.840 here. Starting in episode 34, we did a look into 00:38:01.840 --> 00:38:05.860 the TSP Dell Origin. Episode 56. We did a reading 00:38:05.860 --> 00:38:09.639 of the Cayman Island law. Episode 57, we did 00:38:09.639 --> 00:38:12.119 a review of United States of America case law 00:38:12.119 --> 00:38:15.179 and down law with Ernest, our practicing American 00:38:15.179 --> 00:38:18.219 attorney. Then we had a brief from Cayman Island 00:38:18.219 --> 00:38:23.659 lawyers in episode 59. Then we did a reading 00:38:23.659 --> 00:38:26.199 of the sandbox style documents in episode 60. 00:38:26.639 --> 00:38:30.179 In episode 64, we changed over to reading the 00:38:30.179 --> 00:38:34.239 Star Atlas style documents. articles, memorandum, 00:38:34.239 --> 00:38:39.480 and bylaws for both DAOs. And then in episode 00:38:39.480 --> 00:38:43.380 64, we did a Q &A with practicing Cayman Island 00:38:43.380 --> 00:38:46.199 lawyers, Melissa and Carolyn from Walker's Global. 00:38:48.280 --> 00:38:51.280 Episode 65, we did an interview with the practicing 00:38:51.280 --> 00:38:54.699 foundation director in the Grand Cayman Islands, 00:38:54.920 --> 00:38:58.099 Glenn from Leeward Management. And now here we 00:38:58.099 --> 00:39:03.710 are, episode 66. Summary and wrap -up. All in 00:39:03.710 --> 00:39:09.530 all, 22 hours of content. If you count today, 00:39:09.869 --> 00:39:12.769 so it's going to be about another hour, that's 00:39:12.769 --> 00:39:17.710 23 hours long. This miniseries, this nine -part 00:39:17.710 --> 00:39:22.489 miniseries took 23 hours of just recording. Probably 00:39:22.489 --> 00:39:24.909 another 20 hours of researching, but 23 hours 00:39:24.909 --> 00:39:33.380 of actual streaming. And podcasting. Which was 00:39:33.380 --> 00:39:36.639 an insane amount of time. But I learned so much. 00:39:36.880 --> 00:39:41.019 And it's mostly. Right. It's mostly episode 62. 00:39:41.380 --> 00:39:46.159 And episode 60's fault. Mostly 60. Clocking in 00:39:46.159 --> 00:39:52.960 at 6 hours. Ridiculous. But. We did it. We did 00:39:52.960 --> 00:39:57.739 it for a good cause. So 23 hours worth. Of podcasting 00:39:57.739 --> 00:40:02.690 content. And. We really learned a lot. We pretty 00:40:02.690 --> 00:40:05.110 much learned everything we needed to know about, 00:40:05.170 --> 00:40:09.630 from a token holder's perspective, what happens 00:40:09.630 --> 00:40:13.630 at the DAO legal level, what happens at the DAO 00:40:13.630 --> 00:40:17.230 director level, how do all those companies, how 00:40:17.230 --> 00:40:20.170 do all those positions work together. And there 00:40:20.170 --> 00:40:28.570 you have it. There you have it. Money, money 00:40:28.570 --> 00:40:34.849 in the chat. Says blame 16. That's right. That's 00:40:34.849 --> 00:40:40.309 exactly right. See if it pops up. Pop up on the 00:40:40.309 --> 00:40:46.110 stream. My little. Trying to make his comment 00:40:46.110 --> 00:40:50.170 pop up money. Appreciate you tuning in. But yeah, 00:40:50.210 --> 00:40:56.750 blame episode 60. For sure. There it is. Blame 00:40:56.750 --> 00:41:12.500 60. Absolutely. Okay. Oh, dear. How do I? Whoops. 00:41:16.380 --> 00:41:19.059 If you're watching the video right now, you're 00:41:19.059 --> 00:41:24.179 saying money's blame 60 comment is. Splash screening 00:41:24.179 --> 00:41:29.320 everything. There we go. All right. So let's 00:41:29.320 --> 00:41:32.000 take a gander. Um, we're, we're done now and 00:41:32.000 --> 00:41:34.800 we're going to, we're going to outro soon. Let's 00:41:34.800 --> 00:41:38.880 take a look. We are at episode 66 down here in 00:41:38.880 --> 00:41:41.199 the bottom, right where the foundation company 00:41:41.199 --> 00:41:45.460 wrap up is. And we have a few more episodes that 00:41:45.460 --> 00:41:48.079 I think I want to do before I may or may not 00:41:48.079 --> 00:41:51.420 shut down the podcast. We'll see. But I very 00:41:51.420 --> 00:41:55.960 nearly got to interview yet. Sue was a special 00:41:55.960 --> 00:41:59.690 council member. Our schedules just didn't line 00:41:59.690 --> 00:42:02.110 like I really wanted to, but still working on 00:42:02.110 --> 00:42:05.730 it, still talking with his assistant in order 00:42:05.730 --> 00:42:07.590 to find a good time to schedule that interview. 00:42:08.289 --> 00:42:11.710 I don't think I'm going to get to this sniping 00:42:11.710 --> 00:42:17.170 of a fellow ape where Other Side took a Guinness 00:42:17.170 --> 00:42:20.969 World Record. They took a Guinness World Record 00:42:20.969 --> 00:42:24.949 that I had helped break 10 years ago after I 00:42:24.949 --> 00:42:29.900 mentioned it. And the forums. It's old news at 00:42:29.900 --> 00:42:31.820 this point. I don't need to really go over it. 00:42:32.659 --> 00:42:36.699 But you know. This one over here. Where it was. 00:42:37.579 --> 00:42:42.260 Most players online. In FPS battle. See if I 00:42:42.260 --> 00:42:49.940 can. There we go. Yep. Most players online. We 00:42:49.940 --> 00:42:55.820 did it. It was taken by. Other side. with 2 ,000 00:42:55.820 --> 00:42:58.579 players. So congratulations to them. It was a 00:42:58.579 --> 00:43:01.840 job well done. They definitely earned that. Whereas 00:43:01.840 --> 00:43:06.059 before it was Planetside and it was about 1 ,100 00:43:06.059 --> 00:43:09.159 players that we'd broken it with 10 years ago 00:43:09.159 --> 00:43:12.579 in 2015. And then we broke it again in 2019, 00:43:13.159 --> 00:43:18.039 2020, something like that. And yeah, it was Planetside 00:43:18.039 --> 00:43:21.780 too. We'd held it for a long time. And Ugalabs 00:43:21.780 --> 00:43:25.280 with Otherside, it broke it. And big congratulations 00:43:25.280 --> 00:43:28.199 to them. But the timing was just a little strange 00:43:28.199 --> 00:43:31.760 after I mentioned it in order to help another 00:43:31.760 --> 00:43:38.059 ape who had successful AIP in breaking the Guinness 00:43:38.059 --> 00:43:40.519 World Record of their own. So in order to help 00:43:40.519 --> 00:43:43.119 them, I listed my resume experience, one of which 00:43:43.119 --> 00:43:46.099 was that. And then a long series of events happened 00:43:46.099 --> 00:43:50.960 where interviews with Google leadership turned 00:43:50.960 --> 00:43:53.159 into them wanting to break the world record. 00:43:53.739 --> 00:43:55.980 Like a couple months later after I said that. 00:43:56.059 --> 00:43:58.820 And they did. And I'm breaking it. So there we 00:43:58.820 --> 00:44:01.159 go. I don't know if I'll be able to get around 00:44:01.159 --> 00:44:04.599 to interviewing Mo. Our schedules just have not 00:44:04.599 --> 00:44:06.940 been able to align on that. I really wanted to, 00:44:06.980 --> 00:44:09.659 but it might not happen. And then I want to do 00:44:09.659 --> 00:44:11.739 an episode on the Sandbox ecosystem and the DAO. 00:44:13.360 --> 00:44:18.679 But I may end up just ending with a Sandbox DAO 00:44:18.679 --> 00:44:21.119 2026 update. So I've been working on that a little 00:44:21.119 --> 00:44:24.940 bit. And we'll see. We're still waiting on whether 00:44:24.940 --> 00:44:27.079 or not special council elections will happen. 00:44:27.219 --> 00:44:29.980 I really want that to happen. I want to run for 00:44:29.980 --> 00:44:32.059 it. I want to make a difference, just like I'm 00:44:32.059 --> 00:44:36.019 doing in Star Atlas DAO. But we need to just 00:44:36.019 --> 00:44:42.539 make it happen and see after that. So we'll see 00:44:42.539 --> 00:44:45.139 if any of these episodes materialize. It's all 00:44:45.139 --> 00:44:50.860 based on what I can do with my time. Okay, sandbox 00:44:50.860 --> 00:44:53.380 spaces. Where do we normally gather? On the sandbox 00:44:53.380 --> 00:44:57.840 forums, especially the sandboxforum .sandboxdow 00:44:57.840 --> 00:45:01.719 .com. Also on Discord and the DAO discussion 00:45:01.719 --> 00:45:06.119 channel. You'll find us also on xTwitter, hashtag 00:45:06.119 --> 00:45:09.219 SamFam, hashtag TheSandboxDow, hashtag SandboxGame. 00:45:10.199 --> 00:45:14.239 Arash Selective and Metaverse Editor are some 00:45:14.239 --> 00:45:17.739 pretty cool names within the SandboxDow space. 00:45:18.740 --> 00:45:22.519 And on YouTube at the Sandbox DAO, which is where 00:45:22.519 --> 00:45:25.199 Digging the Sand podcast happens. Lancer YT, 00:45:25.500 --> 00:45:29.559 which is Sandbox DAO. Excuse me, the Sandow podcast, 00:45:29.760 --> 00:45:31.380 which is what you're watching and listening to 00:45:31.380 --> 00:45:34.860 right now. And Sand Fam Cafe hasn't been active 00:45:34.860 --> 00:45:37.820 in probably about a year. So I kind of struck 00:45:37.820 --> 00:45:40.019 them off the list, but love to see them return. 00:45:41.300 --> 00:45:46.159 For X -Spaces, Mochaverse Hall is no longer happening 00:45:46.159 --> 00:45:49.349 each week. And neither is Coffee with Captain, 00:45:49.590 --> 00:45:52.489 as far as I can tell. It seems to have also been 00:45:52.489 --> 00:45:57.989 stood down, decommissioned, inactive. But Bulls 00:45:57.989 --> 00:46:00.369 on the Block on Saturday most certainly is. And 00:46:00.369 --> 00:46:03.630 we heard from Money earlier. Shout out to Money, 00:46:03.710 --> 00:46:06.210 who is frequently on Bulls on the Block, the 00:46:06.210 --> 00:46:09.889 X -Base there. I believe they actually do it 00:46:09.889 --> 00:46:14.630 from BOTB Council now, if I'm not mistaken. So 00:46:14.630 --> 00:46:17.829 take a look at that handle there. on saturdays 00:46:17.829 --> 00:46:20.429 also you could look at episode 7 where we interviewed 00:46:20.429 --> 00:46:23.889 the former owners of botb anthony and crypto 00:46:23.889 --> 00:46:28.409 sheep now the owner is earnest who also was the 00:46:28.409 --> 00:46:31.670 lawyer that we interviewed whale members still 00:46:31.670 --> 00:46:34.730 going on tuesdays where they do their whale talk 00:46:34.730 --> 00:46:37.889 episode 61 is when we interviewed them they are 00:46:37.889 --> 00:46:40.929 art aficionados very well known in the art industry 00:46:40.929 --> 00:46:44.269 and and have the whale vault which is one of 00:46:44.269 --> 00:46:51.579 the Most valuable art collections for NFTs probably 00:46:51.579 --> 00:46:54.340 in the world. But we interviewed them in episode 00:46:54.340 --> 00:46:57.920 61. Take a look. I was just listening to them 00:46:57.920 --> 00:47:00.860 the other day and probably will tomorrow as well. 00:47:01.619 --> 00:47:05.820 They talk about crypto art every Tuesday on X. 00:47:08.639 --> 00:47:12.519 And now it's time to raid somebody. Let's see 00:47:12.519 --> 00:47:15.460 if there's anyone online that we can raid. Before 00:47:15.460 --> 00:47:20.820 we call it a night today. Episode. So this was 00:47:20.820 --> 00:47:32.000 episode 66. We. We really have done a lot. I 00:47:32.000 --> 00:47:36.199 mean. On all the episodes that we've done, there 00:47:36.199 --> 00:47:39.179 are a bunch of ones that really, really stand 00:47:39.179 --> 00:47:42.659 out. And when I do. like a review of the Sandow 00:47:42.659 --> 00:47:44.760 podcast, which I will probably eventually do. 00:47:44.940 --> 00:47:49.699 It's one of my final episodes. I'll get to, I'll 00:47:49.699 --> 00:47:51.980 go over all of that and all the cool episodes 00:47:51.980 --> 00:47:58.539 that we were able to do. But this miniseries 00:47:58.539 --> 00:48:01.679 that we just did, the Foundation Company miniseries, 00:48:01.739 --> 00:48:06.199 really holds a special place in my heart because 00:48:06.199 --> 00:48:12.530 they, Because of how much time, effort, energy, 00:48:12.670 --> 00:48:18.369 and overall how much we learned throughout this 00:48:18.369 --> 00:48:23.010 whole process. We learned a ton. So I really, 00:48:23.050 --> 00:48:25.929 really love this episode. I'm going to go ahead 00:48:25.929 --> 00:48:31.429 and finish my bold red here. We're going to call 00:48:31.429 --> 00:48:34.090 it a night. It's going to be a wrap. Thank you 00:48:34.090 --> 00:48:38.309 all for your time. Appreciate you. And I will 00:48:38.309 --> 00:48:40.849 see y 'all in the next episode, whenever that 00:48:40.849 --> 00:48:43.670 may be. See you later, Sam Fam.